Research On Pricing Right Effect From Overseas Listing Stock Index Futures

Since the creation of derivative financial markets, it experiences tremendousdevelopment in last three decades, judging by products, market scale or growth speed.Stock index futures are one kind of derivative financial products, which is anindispensable tool to counteract system risk. And many countries establish their stockindex futures exchange, some even develop products based on futures of othercountries, which are the overseas listing futures referred to in thisdissertation .Singapore created a product, called XinHuafu A50 in sep 5th 2006, whichtargets onAstock of our country, bringing us the issue of oversea listing stock index.Many scholars have done the research on the effect on spot market from stockindex futures, proving the existence of prominent effect. However, few express theirviewpoint on"pricing right", which is hot topic in merchandise market andmerchandise futures market. This is partly because of serious consequences onshortage of pricing right of merchandise market. Under such circumstances, we willuse data of overseas Nikkei 225 index futures and employ experiential approach toanalyze the contribution degree on price of spot market. Based on the importance ofpricing right, we will discuss what kind of impact it will pose on local market,especially on pricing right. Whether does our country face similar situation? Whatmeasures should we take to deal with it? This dissertation will present answers.The first chapter introduces relative background, meaning of the research andsummery of reference articles. The second chapter describes the definition of stockindex futures and pricing right and related theories. The third chapter analyzesquantitatively and qualitatively the effect on local market pricing right from overseaslisting. The forth chapter discusses the issue of pricing right our country is facing. Thefifth chapter further analyzes the current situation of our country and proposes somesuggestion.